Sharp To Post First Loss In More Than 50 Years
Fri, Feb 6th, 2009
Sharp will post its first loss in more than 50 years for its March 2009 fiscal year and plans to cut 1,500 temporary jobs because of falling demand for LCD televisions.
As Bloomberg notes, Sharp now expects a loss for the year of about 100 billion yen, or $1.1 billion. Analysts had been expecting a of 57.1 billion yen.
The Sharp warning is the latest in a series of cautionary statements and job cuts in the Japanese electronics industry in the face of softening consumer spending. Panasonic (PC) earlier this week announced plans to cut 15,000 jobs; previously, NEC unveiled plans for 20,000 layoffs and Hitachi (HIT) announced 7,000 cuts. And Sony (SNE) will cut 16,000 jobs by March 2010.
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